Bank Zero goes live with "throttled" launch

[supersunbird]

Right but that doesn't prevent skimming.

Yes it does, or do you not know how skimming works?

It replicates what is on the magnetic strip. Thus the criminal can only swipe the clone card to do such a transaction, and if swipes not allowed... Online purchases is a different story though but if all online transactions have to be verified on app, no issue.

 

[blunt]

That could prove problematic for international purchases then... many of them present as "Swipe" transactions from my understanding.

there's a differentiator between 'swipe' transactions and 'card not present' transactions so it would not come up as the same thing (i work a lot with iso8583 banking messages)

 

[backstreetboy]

Bank Zero is the first bank in the country to charge Zero for EFT payments AND Zero for Debit Orders.

Tyme bank had it since 1 January. This is false.

 

[ToxicBunny]

there's a differentiator between 'swipe' transactions and 'card not present' transactions so it would not come up as the same thing (i work a lot with iso8583 banking messages)

Fair point, will still be interesting then how they claim to prevent card fraud then, because if the "skimmer" gets the info from the mag strip then its quite easy for them to do Card Not Present transactions...

 

[blunt]

Fair point, will still be interesting then how they claim to prevent card fraud then, because if the "skimmer" gets the info from the mag strip then its quite easy for them to do Card Not Present transactions...

well that's usually where 3D secure comes in for card not present, at the end of the day all of these transactions need to hit bankzero's switch and they can see how it was authenticated and decide to decline if its a transaction without 3ds / pin auth. i assume this is the same point that they trigger the in app auth requests for transactions that come in, i can only guess they are utilising the accepted timeout to allow for in app auth, but that is just my speculation.

 

[ToxicBunny]

well that's usually where 3D secure comes in for card not present, at the end of the day all of these transactions need to hit bankzero's switch and they can see how it was authenticated and decide to decline if its a transaction without 3ds / pin auth. i assume this is the same point that they trigger the in app auth requests for transactions that come in, i can only guess they are utilising the accepted timeout to allow for in app auth, but that is just my speculation.

Yeah, will just be interesting to see how it plays out, purely because from my experience a good number of international vendors still don't implement things like 3ds or pin auth, so the transaction just goes through.

 

[blunt]

Yeah, will just be interesting to see how it plays out, purely because from my experience a good number of international vendors still don't implement things like 3ds or pin auth, so the transaction just goes through.

yeah i am also interested to see this, I know in the US they very seldom use auth other than a plain mag swipe.

 

[NarrowBandFtw]

yeah i am also interested to see this, I know in the US they very seldom use auth other than a plain mag swipe.

the US is so far behind on things like this

I too worked with iso8583 for a long time and was in the US for work, amazed me that you could buy groceries and use the self-checkout lane with card swipe and it didn't even ask for a pin, most definitely no OTP either ... it let you scribble a signature on a touchpad with a stylus
/facepalm

and instead of getting rid of cheques they wen't big on magnetic ink so that cheques can be read by machines
/facepalm

and rather than make EFT's or "wires" cheap they're still stuck with ACH
/facepalm

seems when it comes to payments the US automates the wrong stuff rather than moving to better stuff

 

[blunt]

the US is so far behind on things like this

I too worked with iso8583 for a long time and was in the US for work, amazed me that you could buy groceries and use the self-checkout lane with card swipe and it didn't even ask for a pin, most definitely no OTP either ... it let you scribble a signature on a touchpad with a stylus
/facepalm

and instead of getting rid of cheques they wen't big on magnetic ink so that cheques can be read by machines
/facepalm

and rather than make EFT's or "wires" cheap they're still stuck with ACH
/facepalm

seems when it comes to payments the US automates the wrong stuff rather than moving to better stuff

lol yes those stylus signature things are all over.
it is quite amazing how lax they are on that.
seems to happen in first world countries they get the bleeding edge of a new technology then stick with it for decades instead of upgrading. third world gets things later so they get the newer versions.
probably more a US than a first world thing.

 

[saor]

So no call centers.

I lose my phone while travelling. I no longer have access to my accounts (no EFT or other digital services) except via the card in my hand. The only way to contact them is via email so that's going be a bit of a wait. How will they even authorize me then? Dunno...I'm sure they're ironing out the details but right now this seems more like a secondary account kind of thing.

 

[Swa]

"Card set to lock or ATM off, or locked after 3 wrong pins"
What on earth is this?

 

[Swa]

"Card skimming fraud is not possible because Bank Zero said it rejects any swipe transactions. If you try to swipe your card at a payment terminal, you will be prompted to tap or dip your card instead."

That doesn't explain why card skimming is not possible, it explains that card swiping for purchases is not possible. Does the card come with a magstrip? Is there data encoded on it? Can that data be used internationally with online transactions?

As I understand you can't use the physical card details for online transactions so unless you leak the unprinted separately provided details nobody can use it for online or card not present transactions.